Common errors to avoid when filing for advance payment of employer credits

IRS representation in Houston

Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes.

Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help avoid errors. Mistakes can result in a processing delay, which means it may take longer to get the advanced payment.

Here are some common errors to avoid when filling out Form 7200:

• Missing or inaccurate Employer Identification Number. Each EIN should be exact. Taxpayers must complete this box.
• Check only one box for the applicable calendar quarter. Only one box should be checked for the correct quarter.
• Check only one box for Part 1, Line A.
• Make sure to complete Part 1, Line B. In Part 1, Line B check either Yes or No.
• Complete Part II, Lines 1-8 using actual dollar amounts. Part II should be completed using dollar amounts, not the number of eligible employees. All lines in
• Part II should be completed with an actual dollar amount.
• Check the math. Taxpayers should make sure they check the math on lines 4, 7 and 8.
• Sign the form. Taxpayers should remember to sign the form. Failure to sign the form will result in an automatic rejection.

Source: IRS

Alfredo Gaxiola has worked on numerous IRS problem cases and has successfully settled with the IRS to release liens on houses, bank accounts and wages and, if needed, setting a payment installment plan that is not burdensome for the client. He has conducted appeals before the U.S. Tax Court and obtained favorable resolutions in reducing the tax debt of his clients. Mr. Gaxiola served as Treasurer of Camara de Empresarios Latinos, one of the largest and strongest Hispanic organizations in the city of Houston. He has conducted financial and accounting seminars for the Houston Small Business Development Corporation, as well.

IRS representation in Houston.

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